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Fitness professionals, gym owners, and personal trainers work with clients to help them be fit, lose weight, and get rid of their chronic injury. Although a job that provides a lot of value in the client’s life, being a personal trainer or a gym owner comes with significant risks.

Fitness training requires lifting of weights and utilizing the strength of the body to its maximum potential. Clients might get injured, or may claim of not being satisfied with your training, and services. This condition can lead them to file a legal suit against you. Trainers in the gym working for you may get injured at your gym premises, and you being the owner of the gym will be held responsible. Moreover, some clients will not be satisfied with your services and may demand compensation.

If any such thing happens, you will have to face a significant loss in your assets and can turn out to be disastrous for your business. While some of these conditions can be avoided by being extra careful, there are a few situations which are not under your control. To avoid such problems, gym owners and personal trainers should always buy personal trainer insurance and a group health insurance.

Although none of these insurances are mandatory to buy, there is no good reason to avoid them.

Public Liability Insurance

Public liability insurance is one of the most critical insurance fitness professionals should buy. People working out in the gym may get injured. This injury can be as small as a muscle strain and can be serious conditions like fractures, and dislocations. Although the trainer is not always responsible for the injury, if the client files a lawsuit against you for being responsible for the injury, you will need to spend a lot of money while defending yourself. Public liability insurance covers the cost and expenses you will incur while going through the legal and court proceedings.

Having public liability insurance gives you mental peace while working because injuries in the gym are common. And, a minor looking muscle pull can turn out to be some serious muscle tear.

Employers Liability Insurance

Insurance liability insurance is a type of group health insurance that covers the cost of injuries that can happen to your employees in the gym. If you are a personal trainer or a gym owner with no employees, you might not need employers liability insurance. But, if you have a few employees in your gym working for you, group health insurance is vital.

Employers Liability Insurance covers the cost you might incur if any of your employees get injured or fall ill while working for you in the gym. The employer’s liability insurance also provides coverage if any of your employees get into a quarrel with a client or sudden events in which your employee gets assaulted by a client in your gym.

Professional Indemnity Insurance

Your clients may not feel satisfied with your services. Or, your clients may claim they have not noticed the desired progress that was promised. In some cases, your clients can sue you for not providing adequate services.
Professional indemnity insurance is important because no matter how good a trainer you are, or how effectively you manage your gym, there will be some clients who will not achieve their goals.

Some of them will accept that it is their responsibility to stick to their routine and recommended diet; some of them may file a lawsuit against you for not working properly with their regime. Therefore, professional indemnity insurance covers the cost of defending yourself in the costs and providing your clients with their compensation payments.

James Eckardt is the founder of Peak Advisors Inc., a boutique insurance brokerage on Long Island, NY. The firm has a stellar record of service with three decades of experience in health insurance coverage and hundreds of clients including small businesses, commercial enterprises, sole proprietor-ships and seniors.

Are you planning to make your first investment? If so, there are several things you need to consider to ensure that your venture is successful. As a first-time investor, you may face obstacles along the way, although these can easily be avoided if you stick to these guidelines.

Using capital you cannot afford

One of the biggest mistakes many first-time investors make is taking the approach of ‘go big or go home’, resulting in a significant investment that can bring with it financial difficulty. This is because they do not take all of their outgoings into account, as not only is a larger property more expensive, but it is also much more costly to manage.

The best advice for first timers is to start small with an apartment, or at least invest in a property you can afford. So, before choosing the property, you should consider every outgoing, including your purchase price, property management fees, renovation costs and more. You can then compare to this to your potential returns, which includes rental income and capital appreciation. This will allow you to work out your estimated net yield. First, take your expected annual income and minus your outgoings. You must then divide this calculation by the property price and multiply it by 100. This will help you establish whether your investment is worthwhile, or if your profits are not sufficient, you should look at properties elsewhere.

Lack of diversity

Once you’ve invested in your first successful property, you will most likely get the investment bug and want to expand your portfolio. This is when big mistakes are made, as many investors believe that because their first property was successful, they should invest in something similar. However, just because the first investment worked out well does not mean the same will happen for your second purchase. Instead, you should try your best to diversify, for example, if you invested in a semi-detached home the first time, why not consider purchasing an apartment next? This will cater to a completely different tenant market, and could even offer you even better returns.

To help you invest successfully, you should seek advice from property experts like RW Invest, who help their clients to diversify with their luxury apartments and off-plan developments, enabling an impressive portfolio. This allows investors to reduce their risk, especially if one type of property faces a decline, as they can fall back on their other investments and still reap lucrative returns.

Making impatient decisions

Whether you’re investing for the first time or the tenth, it is important to be patient and choose a property carefully. This avoids the issue of loss, especially with first-time investors who tend to go full-steam-ahead into an investment that they haven’t had the time to research.

Investors should remember to take the slow and steady route, especially in the beginning when you’re still getting to grips with the property market. Taking time to decide will also be more beneficial in the long-run, as being picky will allow you to benefit from both short-term and long-term financial advantages.

Economic freedom and a debt-free lifestyle is everyone’s dream. You can achieve financial freedom and increase your savings for future use through proper budgeting. No amount of money is ever enough to satiate your needs and irrespective of our income, you should always save money for rainy days. A carefully crafted budget and being disciplined in your plans will enable you to save money and get out of debts. The following are some money saving tips, which will lead you to financial freedom.

Planning

Proper budgeting is a critical step towards controlling your finances. You can quickly outline your expenses in a month to form the budget’s baseline. A reasonable budget should cater for some savings after allocating funds for all the expenses. Prioritizing your basic needs as well as other needs requires discipline. This will control your costs and enable you to live within your income.

Personal Savings

Coming up with a good plan will enable you to save at least 10% of your monthly income. Total expenses should not exceed your income, and in the case it does, you need to review the budget to cut back on the non-essential expenditures. You should make it a habit to set aside some savings for future use. For example, if you’re looking for English teaching jobs in Taiwan, you can use the saved money for your transport and accommodation expenses.

Account for your expenses

Every dollar spent should be accounted for to realize some savings. Keeping track of your costs can easily pick any wasteful expenditure, which you can quickly pinpoint and cut out. Categorizing expenses will help in meeting your needs and organizing yourself. Expenditures can be grouped in terms of monthly bills like electricity, gas, house rent to transport, food, and so on. Without a proper tracking mechanism, you may not be able to save money. Several tools can be used to track down your expenses like an Excel worksheet or mobile phone apps installed freely on your mobile device.

Never spend more than your income

This is the secret to achieving financial success, and without which, you will always be in debts. At no given time should your expenses exceed your income, and if it happens, you will have to borrow money with interest to cover your needs. Also, this will create a hole in your income as you have to cater to the loan and the interest amount. If the process becomes cyclic, you might take forever to pay up your credits.

Debts payment plan

To clear off debts, you should prioritize the debts to repay first. Outlining liabilities in terms of the highest debts, interest rate, or period of repayments can help you get out of debt faster. Doing secondary jobs will go a long way on your debt repayment plan as you will have some extra cash to pay for your debts.

Conclusion

The most important means of becoming financially independent is to spend less than you earn. Budgeting will help control your money. If you’re traveling to seek English teaching jobs in Taiwan, you can use your saved money for the expenses such as accommodation.

It’s undeniable that the construction industry is booming. Over the past years, the demand for construction services is continuously growing, making it one of the most lucrative industries today. For this reason, many entrepreneurs venture into the world of the construction industry. If you’re one of the many, then you know that you need construction business loans to survive in a cutthroat environment.

The best way to keep your business afloat in the midst of heavy competition is to secure financing and aggressively market your business. With that said, here are four innovative ways to do so:

1. Be a Part of an Industry Association

Industry associations usually have resource hubs where contractors can network and make quality connections that will eventually lead to success. This is especially true since building relationships and making connections are important in the construction industry. Additionally, members are often allowed to advertise or market their services at low or no cost.

2. Remember Your Existing Clients and Leads

Contractors are often caught up with everyday business operations that they tend to overlook the simplest marketing strategy: following up your current leads and clients. Failing to follow up on current leads means you’re possibly missing out on great business opportunities. Likewise, you should also contact customers a few months after doing business with them. Check in and ask them if you can help them with anything. A simple call or email would suffice. When customers are happy with your service, it can lead to more business and you can even ask for referrals.

3. List Your Business in Online Directories

When a potential customer searches for the best construction company in the area, search engines often show you online directories rather than individual websites. One way to market your construction business is to list it in online directories. When listing your business, include your name, address, contact number, business hours, etc. and leave no detail behind. The details you include can affect your ranking in the directory, so make sure to double check everything. Check your online listing regularly to answer questions and respond to customer feedback.

4. Be Specific When Advertising Your Business

It’s easy to be overwhelmed when advertising your business. Some entrepreneurs list every single service they offer in their ads, but this strategy can actually backfire. Telling your target market that you can do everything can actually be boring and it can even scare customers away. The most effective way is to advertise your skills one at a time. By advertising in small fractions, you can keep your target customers engaged, which increased the likelihood of them availing the services you offer.

The Best Construction Business Loans for Your Business

When running a construction business, you need working capital to stay afloat in a competitive industry. SMB Compass offers construction business loans for businesses throughout the United States. Our trusted financial advisors can help answer the questions you have in mind. Feel free to call us (888) 853-8922 or email us at info@smbcompass.com to know more.